Glassnode: BTC Drops Below $76K Range Support... Potential Further Drop to $71K

Bitcoin has fallen below the lower bound of the range it maintained since late August, according to Glassnode's analysis. The report states that Bitcoin is trading near $76,000 after a weekly decline of approximately 4.6%. This represents a slight breach below the August low support level, following a downturn coinciding with the U.S. Senate Clarity Act vote. The current price is about 1% below the True Market Mean (TMM) of $76,700, which reflects the average purchase price of active BTC excluding long-term holdings. The next key price level to watch is approximately $71,300, representing the short-term holder cost basis - the average purchase price of Bitcoin bought over the past five months.